Old Mutual South Africa has announced the resignation of Sello Moloko, CEO of Old Mutual Asset Managers (Omam) South Africa.
He will be replaced by Thabo Dloti, currently executive general manager of Group Schemes at Old Mutual.
Sparks said it was with “deep regret” that he had accepted Moloko’s resignation: “Sello is leaving us to pursue an opportunity outside of Old Mutual — one that he sees as critical to his own personal growth. While we are sad to say goodbye to a leader of his calibre, we wish him well and thank him for his contribution to the growth of our business.”
At the same time, he said that he is “delighted” that Dloti has accepted the new position.
“Thabo has overseen exceptional growth in our Group Schemes operation. He has 13 years of experience across Old Mutual’s businesses, including investment services and asset consulting. He is widely respected in the institutional market and is well-equipped to lead the further growth of our asset management business,” Sparks said.
Earlier this month Old Mutual reported a 20% growth in Group Schemes sales in the first six months of this year, measured against the same period in 2003.
Sparks also announced that he will be relinquishing his chairmanship of Omam in favour of deputy managing director Peter Moyo. Sparks will retain a seat on the Omam board.
The reporting line of Omam will also be changed, and will be moved from Sparks to Moyo with immediate effect.
Omam is South Africa’s largest asset manager, with R265-billion-worth of assets under management. Old Mutual’s recent interim results showed R4,8-billion of net client inflows into Omam during the first half of 2004.
“We believe that this change will place us in a better position to meet the diverse needs of our clients,” Moyo said. “It is important to emphasise that Omam will continue to operate as an independent asset-management company within the Old Mutual group.”
Moyo’s portfolio now includes Omam, Old Mutual Healthcare, Group Schemes, Employee Benefits, Old Mutual Properties, Symmetry, Investment Administration, Old Mutual Gauteng and Old Mutual Namibia.
“We are particularly proud that we have been able to make this appointment from within our ranks, demonstrating again our depth of talent,” Moyo said.
Within Omam, Henk Beets remains as chief operating officer and Peter Linley as chief investment officer.
An announcement regarding Dloti’s successor at Group Schemes will be made shortly. — I-Net Bridge